While hearing a plea filed by Enforcement Directorate (ED), a special court on Saturday declared absconding businessmen Vijay Mallya as ‘fugitive economic offender’ (FEO) over charges of fraud in Mumbai. The liquor baron owes almost ₹9,000 crore to the Indian banks.
Mallya has been charged under Fugitive Economic Offender Act which was initiated in August 2018. The plea was being heard by special judge MS Azmi in which Mallya has been held guilty as an FEO.
Under the new law, the special courts have the right to declare a guilty person as FEO while ordering to seize the assets and properties of the fugitive economic offender. Earlier in December, the court had rejected Mallya appeal to hold the hearing on ED’s plea.
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Mallya is absconding from India and is living in Britain since March 2016. A few days ago, Mallya had expressed his willingness to pay his debt. However, he had kept a condition that he wouldn’t pay the interest for the same.
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